IDEA Accelerator 2017 Call
Terms and conditions for participation
Participation in the IDEA Programme is governed by the provisions contained in the terms and conditions of this call as well as the additional terms of the IDEA Programme participation agreement which will be signed by the successful teams entering the IDEA Programme.
The IDEA Programme participation agreement will contain reasonable terms, in accordance with the principle of good faith, regarding the anticipated behavior of the participants in relation to the IDEA Programme infrastructure, the other IDEA Programme participant teams and individuals, the IDEA Programme manager, staff and the other Programme stakeholders and in accordance to the respective provision of the IDEA Programme services, as described herein.
In order to be eligible for the submission of an application to the IDEA Programme, all of the following requirements must be met:
- The application is submitted by a team composed of 2 to 5 participants.
- Team members are 18 years or older.
- Team members are citizens of the European Union. Third country citizens are not excluded but all IDEA programme participants will need to provide evidence of permit to work or reside in Cyprus.
- Team members must set up a company in Cyprus within two months from their successful entry in the incubator stage of the IDEA Programme.
- Team members have a new, innovative idea for an independent for profit enterprise addressing the global market.
- The team members have a good command of the English language as the IDEA Programme language is English. At least two members of the team have high command of English.
- Buy-outs / expansions of existing companies, franchises of existing companies, commerce, retail, licensing agreements for distribution in a different geographical area, and subsidiaries of existing corporations are excluded.
- The business proposal is in the idea, seed, start-up, or early growth stages and does not exist for longer than 3 years.
- Depending on the development stage of the teams, they can enter into one of the two stages of the IDEA programme, Stage A: Three-month accelerator training, suited to early development concept stage with no minimum viable product (MVP) or proof of concept, Stage B: Six-month incubation phase suited for more mature teams with an existing MVP or proof of concept (see section IDEA stages for more details).
- The IDEA Programme can, at its discretion, terminate the term of IDEA Programme teams at the Accelerator and Incubator stage who are not making sufficient progress.
Eligible areas / sectors of activity
Business concept ideas may fall under any one or more (maximum of three) of the following categories (as per NACE code):
- Agriculture, forestry, animal farming and fishing
- Mining and quarrying
- Electricity, gas, steam and air conditioning supply
- Water supply; sewerage; waste management and remediation activities
- Construction/ demolition
- Wholesale and retail trade; repair of motor vehicles and motorcycles
- Transporting and storage
- Accommodation/ Hotels and food service activities
- Information and communication (software, video etc)
- Financial and insurance activities
- Real estate activities
- Professional, scientific and technical activities (legal, accounting, consulting, research)
- Administrative and support service activities (renting/leasing etc)
- Public administration; compulsory social security
- Human health and social work activities
- Arts, entertainment and recreation
- Other (as specified by the applicants)
Excluded sectors or persons
The IDEA Programme applies exclusions in relation to certain economic sectors and prohibits the establishment of a business relationship with certain persons (physical and/or legal), which are considered not to be compatible with the ethical or social basis of the IDEA Programme.
The IDEA Programme considers these restrictions important for its reputation. The excluded sectors and persons shall be updated from time to time.
IDEA Programme excluded sectors:
Carrying out illegal activities, (illegal under the laws or regulations for such production, trade or activity)
- Producing or dealing in arms and military equipment (excluding sporting and antique guns)
- Online pharmacy
- Dealing with adult Entertainment (e.g. pornography)
- Dealing with virtual currencies (e.g. bitcoin)
- Involved in fortune telling/medium activities
- Involved in human cloning even for research or therapeutic purposes or Genetically Modified Organisms (“GMOs”)
- Involved in online casinos and equivalent enterprises such as betting houses, prize competitions, online gambling, online gambling related services (software providers, payment processing services, card acquires)
- Research, development or technical applications relating to electronic data programs or solutions, which are intended to enable to illegally enter into electronic data networks or illegally download electronic data
IDEA Programme excluded persons:
- A person who is convicted for a crime included in the predicate offences covered under the relevant Law in Cyprus.
- A person who is subject to specific sanctions (EU, UN, OFAC, local lists).